Document Title: Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract

Issuing Authority: Reserve Bank of India (Department of Communication)

Reference Number: Press Release: 2026-2027/790

Date: 31 July 2026

Macroeconomic Outlook

The weekly supplement shows that total reserves of the RBI amounted to ₹6,587,915 crore (US$682,354 million) as of 15 July 2026, a marginal increase of ₹76,752 crore (US$6,118 million) over the previous week. Foreign currency assets were ₹5,367,324 crore (US$555,929 million), gold holdings stood at ₹994,988 crore (US$103,058 million), Special Drawing Rights (SDRs) were ₹179,746 crore (US$18,617 million) and the RBI’s reserve position in the IMF was ₹45,857 crore (US$4,750 million). The data note that the figures are provisional and rounding differences may exist.

Policy Rates and Liquidity

The RBI’s liquidity operations for the week of 20‑26 July 2026 are summarised below:

  • Variable Rate Repo rates ranged from 7,200 to 72,051 rupees, with the highest on 20‑Jul‑26 (72,051) and the lowest on 22‑Jul‑26 (7,200).
  • Marginal Standing Facility (MSF) rates varied between ₹54 and ₹623.
  • Standing Deposit Facility (SDF) balances fluctuated from ₹128,594 million to ₹185,102 million.
  • Standing Liquidity Facilities (SLF) were used on 23‑Jul‑26 (1,047 crore) and 24‑Jul‑26 (‑976 crore).
  • Net liquidity injection (calculated as 1+3+5+7+9‑2‑4‑6‑8) was negative each day, ranging from –80,380 crore on 20‑Jul‑26 to –183,572 crore on 23‑Jul‑26, indicating overall liquidity absorption during the week.

Banking and Credit

Aggregate Deposits

  • Total aggregate deposits of scheduled commercial banks as on 15 July 2026 were ₹26,284,574 crore, a fortnightly decline of ₹259,710 crore (‑1.0%).
  • Year‑to‑date growth for 2025‑26 is 10.1%, and for 2026‑27 it is projected at 12.7%.
  • Demand deposits fell by ₹347,705 crore (‑1.0%) to ₹3,191,601 crore, while time deposits rose by ₹87,995 crore (+0.4%) to ₹23,092,973 crore.

Borrowings and Other Liabilities

  • Borrowings stood at ₹918,791 crore, increasing by ₹78,966 crore (+0.9%) fortnightly.
  • Other demand and time liabilities were ₹1,140,844 crore, down ₹41,670 crore (‑0.9%).

Bank Credit

  • Total bank credit was ₹21,733,383 crore, down ₹197,015 crore (‑0.9%) fortnightly, with year‑to‑date growth of 9.9% and projected 17.7% for 2026‑27.
  • Food credit amounted to ₹120,730 crore, decreasing by ₹11,319 crore (‑0.9%) fortnightly.
  • Non‑food credit was ₹21,612,652 crore, down ₹185,697 crore (‑0.9%) fortnightly.

External Sector and Currency

The reserve composition includes:

  • Foreign Currency Assets: ₹5,367,324 crore (US$555,929 million).
  • Gold: ₹994,988 crore (US$103,058 million).
  • SDRs: ₹179,746 crore (US$18,617 million).
  • IMF Reserve Position: ₹45,857 crore (US$4,750 million).

The note accompanying the table clarifies that the figures exclude (a) SDR holdings of the RBI (already counted), (b) bonds issued by IIFC (UK), (c) amounts lent under SAARC and ACU currency swap arrangements, and (d) RBI’s contribution to funding of Nexus Global Payments.

Money Stock

M3

  • M3 stood at ₹31,646,426 crore on 15 July 2026, down ₹246,894 crore (‑0.8%) from the previous fortnight.
  • Year‑on‑year, M3 increased by 12.5% to ₹35,051,700 crore.

Components of M3

  • Currency with the public: ₹4,212,008 crore (up ₹12,343 crore, +0.3% fortnightly; +13.0% YoY).
  • Demand deposits with banks: ₹3,344,685 crore (down ₹349,425 crore, ‑9.5% fortnightly; +13.6% YoY).
  • Time deposits with banks: ₹23,968,560 crore (up ₹91,080 crore, +0.4% fortnightly; +12.2% YoY).
  • ‘Other’ deposits with RBI: ₹121,173 crore (down ₹892 crore, ‑0.7% fortnightly; +10.0% YoY).

Sources of Money Stock

  • Net bank credit to government: ₹9,345,605 crore (up ₹8,230 crore, +0.1% fortnightly; +8.5% YoY).
  • RBI’s share: ₹1,881,214 crore (down ₹41,856 crore fortnightly).
  • Other banks: ₹7,464,391 crore (up ₹50,086 crore fortnightly).
  • Bank credit to commercial sector: ₹22,583,517 crore (down ₹203,494 crore, ‑0.9% fortnightly; +17.2% YoY).
  • RBI’s share: ₹12,202 crore (down ₹6,960 crore fortnightly).
  • Other banks: ₹22,571,315 crore (down ₹196,535 crore fortnightly).

The data also note that the figures incorporate the impact of a non‑bank merger with a bank effective 14 July 2023.

Regulatory and Policy Measures

The Banking Laws (Amendment) Act, 2025 revised the definition of a “fortnight” from alternating Fridays to the 15th and last calendar day of each month, effective 15 December 2025. This change is reflected in the fortnightly reporting conventions used in the tables above.

Overall, the weekly bulletin indicates a modest week‑on‑week contraction in reserves, deposits, and credit, while the broader year‑to‑date trends remain strongly positive, with significant growth in total reserves, money‑stock M3, and credit to the commercial sector.